WASHINGTON: The World Bank launched a financing facility on Saturday to provide a simple, low cost way for developing countries to share their knowledge and expertise in overcoming poverty.

The new South-South Experience Exchange Facility is a new multi donor trust fund that promotes the idea that the development successes in one country can pull people out of poverty in another.

“In their quest to accelerate growth and improve living standards, policy makers in the developing world are constantly in search of innovative ideas. They see the experiences of their counterparts in emerging economies as increasingly relevant.” said World Bank Group President Robert B. Zoellick.

Through the first grant from the new South-South Experience Exchange Facility efforts are underway to repeat India’s dairy revolution in Africa.

India’s unique program, popularly known as ‘Operation Flood’, revolutionized the country’s dairy industry. Once chronically short of milk, India is now the world’s largest producer of milk and dairy products.

“Countries learn best by seeing how others have tackled similar issues. This initiative will help policy makers and others in low-income countries, who face serious problems and can’t afford the luxury of long waits to receive support, to benefit first hand from other developing countries,” said Ngozi Okonjo-Iweala, World Bank Group Managing Director.

Okonjo-Iweala said the dairy industry was a good place to start because of its considerable nutritional benefits for the poor.

“Its credibility relies on the fact that it is developing country people sharing their own success.”

Seven donors China, India, Mexico, Denmark, the Netherlands, Spain and the United Kingdom have already pledged support to the trust fund. Total contributions are expected to be around $10 million over three years.